Fixed-Income Planning

Retirement Road Map

If your retirement road map is like everyone else’s, it may be time for an update or a second opinion. Many insurance companies offer plans with little to no fees. These plans are safe and protected and can offer a guaranteed income for life.

HAVE SAFE-MONEY?  LET’S PUT IT TO WORK!

Retirement accounts do not have to be in the market to grow. There are plenty of insurance contracts that provide compounding interest, initial bonuses, protection and living benefits.

Living benefits, (also called riders) can provide guaranteed incomes, allow withdrawals for nursing home or facility care, and more. In most cases, they also avoid probate. They are also a great alternative to life insurance for those that can’t qualify.

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What to Plan For…

Social Security Income

There is no right or wrong time to draw social security. This decision is up to you. Some people decide to draw at 62 while others draw at full retirement age. For many people, social security becomes a reliable and consistent source of income in retirement. This money is used for a combination of different things like mortgages, car payments, etc.

Healthcare Costs

One of the biggest dangers to your retirement nest-egg is unforeseen healthcare expenses. From Medicare gap coverage to Long Term Care, make sure you have the right insurance. Don’t spend your assets on medical care if you don’t have to.

Inflation

Is your current savings plan keeping up with inflation? Inflation is at an all-time high. You may need to scale back spending or find alternative solutions for everyday items. The dollar doesn’t last as long as it did 5 years ago. Is your money working as hard for you as you did for it?

Risk Tolerance

Would you describe your risk tolerance as aggressive, moderate, or conservative? Know what you have and plan accordingly. Working years were a time to earn and grow your money. Retirement is a time to protect it. Can you afford a 10%, 20%, or 30% loss to your rest-egg?

Management Fees / Hidden Costs

How much is your advisor charging you to manage your account? Some brokers charge hidden fees. When in doubt, call and ask.

Taxes

Do you have taxable accounts or tax-deferred accounts? How will you manage your taxes in retirement? Additionally, will your estate be taxed upon passing? Do you want your children to end up with a massive tax burden?

Probate

If you die, will your estate be subject to probate? Do you have a will or trust? When was it updated? Who is paying probate attorney fees? The probate process doesn’t have to scare but there are easy ways to avoid it.

Source: Transamerica Center for Retirement Studies

If your retirement road map is like everyone else’s, it may be time for an update or a second opinion. You may not always need a financial advisor. In fact, a lot of insurance companies offers plans with little to no fees. These plans are safe and protected. Unsure of your options, call us.

If you are not working with a “retirement” advisor, it may be time to do so.

Retiree Sources of Income

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